TIOL-DDT 2689 · the untouched capture
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<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#663399" size="3"><s><strong><font size="2"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#663399" size="3"><s><strong><font size="2"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=23157"><img src="http://www.taxindiaonline.com/RC2/image/stories/limca_book2015_1.jpg" alt="DDT in Limca Book of Records - Third Time in a row" width="300" height="148" hspace="5" border="0" align="right" ></a></font></strong></font></strong></font></strong></font></strong></font></strong></s></font></strong></font></strong></font></strong></font></strong></font></strong></font></strong></s>TIOL-DDT 2689 </font><br>
21 09 2015 <br>
Monday</strong></font></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><strong><em><font color="#006600">Hike in Customs Duty on Vegetable Oils </font></em></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>GOVERNMENT</strong> has increased the Customs duty on crude and refined vegetable oils by 5 percentage points. There was a similar hike in December 2014 which we reported in <a href="http://www.taxindiaonline.com/RC2/NewsDesc.php?MpoQSrPnM=MjIzNzY=" target="_blank"><strong>DDT 2504 - 26.12.2014</strong></a>. The situation is almost same, though this time around the industry is not at all happy with the small hike. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Industry has been demanding a hike to 25% to 45% whereas the hike now is to 12.5% and 20%. It seems the market price of the oils will go up by just 70 to 80 paise per kg. It is reported that India imports 60% of its edible oils consumption. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Taipei Times reported the hike prominently commenting: </font></p>
<p align="justify"><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">While higher taxes might fuel costs for Indian consumers, they might also hamper efforts by top palm oil producers Indonesia and Malaysia to drain near-record inventories and shore up prices. </font></em></p>
<p align="justify"><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Palm oil, used in everything from chocolates to cosmetics, is in a bear market and soybean oil is trading near a nine-year low as China's economic slowdown and a rout in crude prices hurts demand and worsens a global glut of cooking oils. </font></em></p>
<p align="justify"><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">India meets more than half its cooking oil requirements through imports with palm oil shipped from Indonesia and Malaysia and soybean oil from the US, Brazil and Argentina. </font></em></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The paper quoted Oil World that India's oilseed crop might fail for a second year, prompting the world's biggest palm oil buyer to keep imports near a record this year and next year. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The existing and amended rates are: </font></p>
<table width="90%" border="1" align="center" cellpadding="3" cellspacing="0">
<tr>
<td rowspan="2" valign="top"><div align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">S. No. </font></strong></div></td>
<td rowspan="2" valign="top"><div align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Chapter or Heading or sub-heading or tariff item </font></strong></div></td>
<td rowspan="2" valign="top"><div align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Description of goods</font></strong></div></td>
<td colspan="2" valign="top"><div align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Rate of duty <br>
% </font></strong></div></td>
</tr>
<tr>
<td valign="top" bgcolor="#DDD5EC"><div align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">EXISTING </font></strong></div></td>
<td valign="top" bgcolor="#DDD5EC"><div align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">AMENDED </font></strong></div></td>
</tr>
<tr>
<td valign="top"><div align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(1) </font></strong></div></td>
<td valign="top"><div align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(2) </font></strong></div></td>
<td valign="top"><div align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(3) </font></strong></div></td>
<td valign="top"><div align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(4) </font></strong></div></td>
<td valign="top"><div align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(5) </font></strong></div></td>
</tr>
<tr bgcolor="#DDD5EC">
<td valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">51 </font></strong></td>
<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">15 </font></td>
<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Crude Palm Oil - 1511 </font></td>
<td valign="top"><div align="right"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">7.5 </font></div></td>
<td valign="top"><div align="right"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif">12.5 </font></div></td>
</tr>
<tr>
<td valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">55 </font></strong></td>
<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">15071000 </font></td>
<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">All goods (Soya) </font></td>
<td valign="top"><div align="right"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">7.5 </font></div></td>
<td valign="top"><div align="right"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif">12.5 </font></div></td>
</tr>
<tr bgcolor="#DDD5EC">
<td valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">56 </font></strong></td>
<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">15079010 </font></td>
<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">All goods (Soya) </font></td>
<td valign="top"><div align="right"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">15 </font></div></td>
<td valign="top"><div align="right"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif">20 </font></div></td>
</tr>
<tr>
<td valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">57 </font></strong></td>
<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1508, 1509, 1510, 1512, 1513, 1514, or 1515 </font></td>
<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">All goods, crude and edible grade (Ground nut) </font></td>
<td valign="top"><div align="right"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">7.5 </font></div></td>
<td valign="top"><div align="right"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif">12.5 </font></div></td>
</tr>
<tr bgcolor="#DDD5EC">
<td valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">58 </font></strong></td>
<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1508,1509, 1510, 1512, 1513, 1514 or 1515 </font></td>
<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">All goods, refined and edible grade </font></td>
<td valign="top"><div align="right"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">15 </font></div></td>
<td valign="top"><div align="right"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif">20 </font></div></td>
</tr>
<tr>
<td valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">59 </font></strong></td>
<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1511 90 </font></td>
<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">All goods (Palm) </font></td>
<td valign="top"><div align="right"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">15 </font></div></td>
<td valign="top"><div align="right"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif">20 </font></div></td>
</tr>
<tr bgcolor="#DDD5EC">
<td valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">62 </font></strong></td>
<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">15121110 </font></td>
<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">All goods (sunflower) </font></td>
<td valign="top"><div align="right"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">7.5 </font></div></td>
<td valign="top"><div align="right"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif">12.5 </font></div></td>
</tr>
<tr>
<td valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">63 </font></strong></td>
<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">15121910 </font></td>
<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">All goods(sunflower) </font></td>
<td valign="top"><div align="right"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">15 </font></div></td>
<td valign="top"><div align="right"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif">20 </font></div></td>
</tr>
<tr bgcolor="#DDD5EC">
<td valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">65 </font></strong></td>
<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1514 11 or 1514 91 </font></td>
<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">All goods, edible grade (rape, colza or mustard) </font></td>
<td valign="top"><div align="right"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">7.5 </font></div></td>
<td valign="top"><div align="right"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif">12.5 </font></div></td>
</tr>
<tr>
<td valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">66 </font></strong></td>
<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1514 19 or 15 14 99 </font></td>
<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">All goods, edible grade (rape, colza or mustard) </font></td>
<td valign="top"><div align="right"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">15 </font></div></td>
<td valign="top"><div align="right"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif">20 </font></div></td>
</tr>
<tr bgcolor="#DDD5EC">
<td valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">69 </font></strong></td>
<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1516 20 </font></td>
<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">All goods, edible grade (animal or Vegetable fats) </font></td>
<td valign="top"><div align="right"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">15 </font></div></td>
<td valign="top"><div align="right"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif">20 </font></div></td>
</tr>
<tr>
<td valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">71 </font></strong></td>
<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1517 10 21, 1517 90 10, 1517 90 20, 1518 00 11, 1518 00 21 or 1518 00 31 </font></td>
<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">All goods, edible grade (margarine) </font></td>
<td valign="top"><div align="right"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">15 </font></div></td>
<td valign="top"><div align="right"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif">20 </font></div></td>
</tr>
</table>
<p><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTg1NDQ=" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No. 46/2015-Cus., Dated: September 17, 2015 </font></strong></a></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><strong><em><font color="#006600">Customs and Excise - Exemption to Bunker Fuels </font></em></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>GOVERNMENT</strong> had exempted the following bunker fuels from the whole of the Customs Duty by an amending <a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTcyNDk=" target="_blank"><strong>Notification No. 31/2014-Cus., Dated: November 11, 2014</strong></a>:</font></p>
<blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(i) IFO 180 CST;</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(ii) IFO 380 CST. </font></p>
</blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The exemption is subject to the conditions: </font></p>
<blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(i) the bunker fuels are imported for use in ships or vessels which are registered under the Merchant Shipping Act, 1958 (44 of 1958) and fly the Indian flag only; </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(ii) such ships or vessels carry cargo between two or more Indian ports (including an intermediate foreign port); </font></p>
<p align="justify"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif">(iii) such ships or vessels carry either containerised export-import cargo or empty containers or both between such ports; </font></p>
<p align="justify"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif">(iv) such ships or vessels do not file any cargo related documentation under the Customs Act, 1962 (52 of 1962) with the Customs authorities, other than an import manifest (IGM) or an export manifest (EGM), as the case may be; </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(v) the Master of the vessel or his authorised agent and the importer submit a declaration-cum-undertaking stating the quantity of bunker fuels required under this notification to the Assistant Commissioner of Customs or Deputy Commissioner of Customs, as the case may be, based on a document certifying the consumption rate of fuel issued by any classification society which is a member of International Association of Classification Societies (IACS) and the distance proposed to be covered by the vessel during its voyage;</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(vi) the Master of the vessel or his authorised agent and the importer submit an undertaking to the Assistant Commissioner of Customs or Deputy Commissioner of Customs, as the case may be, to pay, in the event of his failure to comply with any of the aforesaid conditions, an amount equal to the duty leviable on such goods but for the exemption contained therein, along with the applicable interest thereon. </font></p>
</blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">IFO 180 CST means <font color="#FF0000"> Intermediate Fuel Oil (IFO) with 180 centistoke (cst) viscosity. </font></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">A similar exemption is given in Central Excise also by an amending <a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTcyNTA=" target="_blank"><strong>Notification No. 21/2014-CE., Dated: November 11, 2014</strong></a>.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Now the Government has substituted Conditions iii and iv above as: </font></p>
<blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>(iii) such ships or vessels carry containerised cargo namely, export-import cargo or empty containers or domestic cargo, between such ports; </em></font></p>
<p align="justify"><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(iv) such ships or vessels file an import manifest (IGM) or an export manifest (EGM), as the case may be , in each leg of the voyage. </font></em></p>
</blockquote>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTg1NDQ=" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No. 46/2015-Cus., Dated: September 17, 2015 and </font></strong></a></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTgzNTY=" target="_blank"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Notification No. 41/2015-Cx., Dated: September 17, 2015</strong></font></a></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><em><strong><font color="#006600">CITs(A) not uploading Stats Data - 2.3 lakh appeals pending </font></strong></em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> Appeal module of the ITBA (Income Tax Business Application) was launched on 22nd June 2015 by the Chairman CBDT. As a precursor, the CsIT(A) were provided with an excel utility in the month of May 2015 to capture the pendency of appeal which was to be then uploaded in the ITBA. Thereafter, a training programme on Appeal module was organized for CsIT(A) and their staff at nine major centres during the period 13.07.2015 to 24.08.2015 to enable them to work online. The progress in uploading of pending appeals is being monitored on a weekly basis. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">A snapshot of performance in capturing pendency is as follows. </font></p>
<ul>
<li><font size="2" face="Verdana, Arial, Helvetica, sans-serif" align="justify"> Out of 196 CsIT(A) with RSA (Remote Security Authenticate) tokens [sanctioned strength: 362), only 86 have logged into the ITBA till date. More than a 100 CsIT[A) are still to log into the ITBA.</font></li>
</ul>
<ul>
<li><font size="2" face="Verdana, Arial, Helvetica, sans-serif" align="justify"> From a total of 2,32,126 appeals pending as on 01.04.15, only 18,483 appeals have been uploaded in the Appeals module, which translates into 7.96% of total pending appeals. </font></li>
</ul>
<p align="justify"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTg1NDY=" target="_blank">DIRECTORATE OF INCOME TAX (SYSTEM)F.No. System/ITBA/CIT Appeal Module/11-12/37/4439 Dated: September 18, 2015</a></font></strong></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><strong><em><font color="#006600">Haryana VAT Notification Illegal? </font></em></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>RECENTLY</strong> the Haryana Government amended Schedule E of the Haryana Value Added Tax Act to restrict the admissibility of input tax as follows: </font></p>
<table width="90%" border="1" align="center" cellpadding="3" cellspacing="0">
<tr>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(i) when the goods are sold as such in the course of inter-state trade or commerce; or </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(ii) when the goods are used in the manufacture of goods and the manufactured goods are sold in the course of inter-state trade or commerce </font></p></td>
<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Input Tax to the extent of the amount of tax actually paid on the purchase of such goods in the State under the Act or tax payable on sale of such goods under the Central Sales Tax Act, 1956, whichever is lower. </font></td>
</tr>
<tr>
<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(iii) when sold at a sale price lower than the purchase price. </font></td>
<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">To the extent of output tax liability, if any, on the sale of such goods. </font></td>
</tr>
</table>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">We received this mail from a <em>concerned</em> Netizen. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">This is discriminatory legislation and against the Article 301 of Constitution of India which requires to be challenged as was done earlier in case of Entry Tax which was struck down by the Supreme Court of India. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Under VAT law, a dealer is entitled to avail input credit on the purchases made by him locally in the state of registration. After the value addition, he can utilize the input credit to offset against his output tax liability whether the sale is intra-state or inter-state though intra-state is governed by the local VAT laws and the inter-state is governed by CST law. The revenue under VAT or CST accrues to the state government only. The tax paid under CST cannot be availed as input credit by the recipient dealer and concessional rate of 2% is available only on issuance of C form and evidencing the movement of goods inter-state on documents. So in normal circumstances, the dealer procuring the goods locally and selling them inter-state will end up with accrued input credit. This unutilized input credit is being sought as refund in some of States periodically till now. Many of the States have imposed restrictions on the availment of input credit in case of stock transfers, as the goods stock transferred will suffer local VAT in the State to which they were transported and the originating State will not levy tax on receipt of Form F. This was accepted by all dealers across India as the justifiable reason is that the output tax is not accruing to the originating State in case of stock transfer. However, in case of inter-state sales, the output tax payable under CST laws accrues to the originating State only however at a lower value. By this amendment, this anomaly was set right but this will be a trade barrier and will act as a deterrent to undertake inter-state sales. Hence this needs to be challenged before the other States in India copy the legislation into their respective Acts. When GST is round the corner, we fail to understand the rationale of bringing in this kind of legislative changes creating artificial trade barriers to the detriment of trade and industry. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Earlier some of the States have brought in this kind of legislation in an attempt to augment their tax revenues and later rolled back succumbing to the demands of the trade. </font></p>
<p align="justify"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/pdfdocs/Haryana-VAT-Notification.pdf" target="_blank">Haryana Excise and Taxation Department Notification., Dated September 07, 2015. </a></font></strong></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><strong><em><font color="#006600">Indian economy plagued at home - UAE Newspaper </font></em></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> UAE Newspaper THE NATIONAL editorially commented: </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Emerging market economies around the world have had a rough summer. Plagued by depreciating currency and correcting stock markets after China decided to relax its valuation to the US dollar, markets from Turkey to South Africa have been particularly volatile. While weaker currency has many downsides, especially for the buying power of locals, it can also spur investment and exports. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">In India, the rupee is weak and investment seems ripe except for the hamstrung political environment that continues to give the country an uncertain long-term economic complexion. To make matters worse for local and foreign investors, the country suffers from archaic labour laws and corruption in almost all sectors of society. Concrete moves to change this image have been slow to materialise, despite much rhetoric to the contrary, as one recent piece of legislation succinctly demonstrates. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">A long overdue goods and service tax, which would replace a convoluted system of varying taxes and fees across India's 29 states, has been delayed by political discord between prime minister Narendra Modi's Bharatiya Janata Party and opposition Congress party. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The implementation of the new tax would be evidence that India is changing its culture of political deadlock. After all, Mr Modi came to power with promises to clean up corruption and remove exactly this type of political deadlock. Since his landslide victory last May, however, his government hasn't implemented any significant policy to boost investor confidence. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Indeed, investors are eager to take advantage of the stock market correction and weak rupee but they remain cautious. Mr Modi knows what steps to take to shed India's image of uncertainty. If the goods and services tax is passed, which doesn't look likely in the short term, it would be the start of a new chapter in the economy. After 15 months in office, time is of the essence for Mr Modi. </font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until Tomorrow with more <strong>DDT</strong></font></p>
<p align="justify"><strong><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Have a nice day. </font></strong></p>
<p><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Mail your comments to </font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong> <a href="mailto:vijaywrite@tiol.in" target="_blank">vijaywrite@tiol.in </a></strong></font></p>
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